Bank Of Japan Fires Back

The Bank of Japan (their version of the Federal Reserve) decided to cut interest rates this morning and announced their plan to keep them at zero essentially, well, forever.

They also announced an additional $419 billion pool of printed dollars that will be used to purchase government bonds, commercial debt, and asset backed securities.

They are doing everything in their power to print money and devalue their currency to keep their export driven economy strong.

The same event is taking place with Central Banks all around the world.  Bernanke watches on closely, and he has plans of his own to attempt to destroy our currency over the next few months with something he likes to call QE2.

In the meantime gold just watches all currencies devalue themselves against each other and has now moved to an all time high over $1330.